Is Bitcoin Preparing for a Major Move to $65,000? (BTC Price Analysis)

The price of Bitcoin has recently experienced a decline following news of a conflict in the Middle East. However, the market seems to have found a footing.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

The daily chart shows that the price recently broke below the $64,000 level and the 200-day moving average in the same area. However, the $60,000 support zone seems to have held BTC, pushing it back towards the 200-day moving average.

If the market is rejected from the 200 DMA, a further decline towards the $56,000 level and even the $52,000 level would be likely.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, it is clear that the market structure has gone through a bearish reversal, with a break below the uptrend line a few days ago.

However, the market seems to have created a bottom at $60,000 as the RSI was also showing an oversold status. So now it all depends on whether the price will be able to break above $64,000 or if it will be rejected and reduced further.

Source: TradingView On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Net Realized Profits and Losses (NRPL)

Bitcoin price has been consolidating for more than six months, and market participants are still speculating whether the upper cycle has formed or if higher prices will be seen shortly. Analyzing the Bitcoin Net Real Profit and Loss (NPRL) metric would be beneficial in this situation.

The metric measures the net profit or loss made by investors. Positive values ​​are associated with net profits, and negative values ​​show net losses.

As is evident, while the market has yet to show a significant drop and has only been moving in a range, the NRPL has already declined to levels last seen when the price was around 30,000 dollars, and the bull market was just beginning.

Therefore, if other factors do not change drastically, it could be concluded that BTC could be preparing for a new bull run in the coming months.

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